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Rupee Shows Limited Reaction To Above-Forecast Q1 GDP Outturn

INR

There has been little reaction in the rupee to the release of better than expected Indian Q1 GDP data, with USD/INR 1-month NDF posting a shallow, short-lived downleg while holding onto its previous range. When this is being typed, the NDF trade +0.01 at INR82.79, with bulls looking for a move through Mar 15/Feb 27 highs of INR83.17/19. Spot USD/INR closed at INR82.73, little changed on the session.

  • India's GDP rose by 6.1% Y/Y in Q1, comfortably beating the +5.0% median estimate in a Bloomberg survey (the highest estimate was +5.7%). The annual 2023 GDP growth estimate was +7.2% Y/Y versus +7.0% expected.

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